BHP Billiton clears US waiting period for PotashCorp takeover

24 September 2010 16:10[Source: ICIS news]

HOUSTON (ICIS)--Mining major BHP Billiton (BHP) has been granted early termination in the US from an antitrust rule waiting period on its proposed takeover of Canada’s PotashCorp, the Australia-based company said on Friday.

The US Federal Trade Commission and the Antitrust Division of the Department of Justice granted BHP an early end to the required waiting period in connection with its $40bn (€30bn) offer to acquire all issued and outstanding shares of PotashCorp, the company said.

BHP on 18 August made an initial hostile takeover bid of $130/share for Saskatchewan-based PotashCorp, the world’s largest potash producer.

BHP’s offer is in effect until 18 November, when it will either be extended, amended or withdrawn, it said.

BHP still needs additional regulatory approvals in the US and in Canada, where the proposed acquisition is already under intense scrutiny by Canadian authorities, according to news reports.